Kalyan Krishnamurthy, former Tiger Global Executive (A New York based investment firm and the chief investor of Flipkart itself) has been named the new chief executive officer of Flipkart, moving Binny Bansal to a newly formed position of Group CEO.

Krishnamurthy joined Flipkart back in June 2016 as the head of 'Category Design Organisation.' He also has worked with eBay and Procter & Gamble, as per his LinkedIn profile.

The management is restructured bringing the Flipkart Group Organisation at the apex level. The group will be focussing on the overall growth of the company's value bringing in many high growth businesses under its portfolio and will allocate capital to each of the group company. Every business will have a strong CEO in place.

Also, Nitin Seth, the present Chief Administrative Officer, will now be the Chief Operating Officer of the company and will be responsible for Ekart and customer experience along with his existing role for Flipkart.

The other co- founder, Sachin Bansal will continue as the executive chairman of the company. The CEO of Flipkart's fashion subsidiary Myntra-Jabong and the CEO of PhonePe, company's payment app will remain unchanged.

Interestingly, Kanwal Rekhi called Flipkart a foolish startup in his recent video. Check it out.